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Home Ownership Schemes.

Government Home Ownership schemes to encourage lending for New Build properties:

England
  • Help to Buy One – Equity Loan scheme for both first time buyers and home movers on new build properties worth up to £600,000 with a 5% deposit.
  • Help to Buy Two – A mortgage guarantee provided to the lender to help a purchaser buy a new build or existing property priced up to £600,000 with a 5% deposit.
  • Shared Ownership Schemes – Provided through Housing Associations.  Purchaser buys between 25% and 75% of the property value and pays rent on the remaining share.
  • Help to Buy London - The Help to Buy scheme is an equity loan provided by the Government. They lend you up to 40% of the cost of your new build home within Greater London up to £600,000, so you will need a minimum 5% deposit and a 55% mortgage to make up the rest.
  • Right to Buy – Allows some council tenants to buy their council home at a discounted price.
  • Social HomeBuy – A purchaser can buy a share of their council or housing association home and pay rent on the remaining share.
Wales
  • Help to Buy One Wales – Equity Loan scheme for both first time buyers and home movers on new build properties worth up to £300,000 with a 5% deposit.
  • Help to Buy Two Wales – A mortgage guarantee provided to the lender to help a purchaser buy a new build or existing property priced up to £600,000 with a 5% deposit.
  • HomeBuy – A scheme operated by Registered Social Landlords (RSL) in Wales.  Aimed at people who’d otherwise need social housing.  An equity loan for an agreed percentage of the purchase price - up to 50% in some areas. The purchaser will need a conventional mortgage for the balance. No interest is paid, but the same percentage of the property value will need to be repaid when the loan is paid off in full.
  • Homes Within Reach Scheme – Operated by a group of housing associations in South Wales.  This is a low cost home ownership scheme that provides assistance to eligible first time buyers
  • Rent First – A scheme that provides rented housing at intermediate rents and an opportunity for tenants to buy their property outright.
Scotland

Help to Buy Scotland – Equity Loan scheme for both first time buyers and home movers on new build properties from participating builder’s worth up to up to a maximum value of £230,000 for purchases which complete on or before 31 March 2017, £200,000 for purchases on or before 31 March 2018, and £175,000 for purchases on or before 31 March 2019.

The Scottish Government will take out an equity stake of up to 15% of the value of the property and the purchaser puts down a minimum 5% deposit with a conventional mortgage for the balance.

Northern Ireland
  • House Sales Scheme – Gives eligible tenants of the Northern Ireland Housing Executive (NIHE) or registered housing associations the right to buy their property at a discount.
  • Equity Sharing – Allows tenants of the (NIHE) or registered housing associations to buy a share of their home if it is not possible to buy the whole property.
  • Co-Ownership Housing – A purchaser can buy a share of their property and rent the remainder from Co-Ownership Housing.
  • Help to Buy Two – A mortgage guarantee provided to the lender to help a purchaser buy a new build or existing property priced up to £600,000 with a 5% deposit.

Dedicated support

L&G New Build Club is exclusively available by invitation only. For further information on accessing the L&G New Build club please contact Craig Hall on 07738 696012.

Also our telephone based Mortgage Support Services team can help you place your New Build cases. Contact them on 01226 230 504.

The government housing scheme matrix launched

Legal & General Mortgage Club has announced the launch of its new Government Housing Schemes Matrix.

Government Housing Scheme Matrix (PDF: 236KB)